PNM Resources

Last updated
PNM Resources, Inc.
Company type Public company
Headquarters Albuquerque, New Mexico, U.S.
Number of employees
1,708 (2020)
Website pnmresources.com
PNM headquarters at Alvarado Plaza in Albuquerque PNM Building Albuquerque.jpg
PNM headquarters at Alvarado Plaza in Albuquerque

PNM Resources is an energy holding company based in Albuquerque, New Mexico. PNM was originally founded in 1917 as the Albuquerque Gas and Electric Company. PNM Resources owns both PNM and Texas - New Mexico Power (TNMP)

Contents

Headquartered in Albuquerque, PNM Resources has a diverse energy portfolio and combined with their purchased power resources contribute to a total generation capacity of approximately 2.7 gigawatts and serves electricity to 800,000 residential and business customers across New Mexico and Texas. [1]

Primary holdings

PNM


Mexico Power is a corporation that is wholly owned by PNM Resources. It is a regulated electric utility operating in Texas. TNP was sold in a leveraged buyout in 2000. [2] PNM acquired Texas—New Mexico Power in 2005 and moved the New Mexico properties to PNM in 2006. [3] TNP is headquartered in Lewisville, Texas.

Merger developments with Avangrid

Despite initial rejection by New Mexico regulators, the merger of PNM Resources with Avangrid has progressed favorably. Key factors supporting the likelihood of the deal's eventual approval include changes in the public commission structure and the resolution of legal concerns involving Avangrid's parent company, Iberdrola. The current market scenario reflects a high probability of regulatory approval for the merger. [4] In October 2020, PNM Resources entered into an agreement to be acquired by Avangrid, the US subsidiary of the Spanish multinational electric utility Iberdrola. The deal, valued at $8.3 billion, has received all the necessary approvals except from the New Mexico Public Regulation Commission (NMPRC). The merger faced initial rejection due to concerns about Avangrid's track record and legal issues involving Iberdrola, leading to an appeal to the Supreme Court. The resolution of these issues is expected within 12–18 months. [5]

Corporate organization and history

PNM was founded in 1917 as the Albuquerque Gas and Electric Company. PNM sold the gas part of the business to Southern Union Gas Company of Dallas in 1949. These sold portions became the Gas Company of New Mexico. In 1985, however, PNM reacquired the Gas Company of New Mexico after Southern Union Gas Company reached a settlement stemming from federal antitrust litigation. In 1994, both electric and gas operations began serving customers as PNM.

In May 2003, PNM Resources' utility subsidiary, PNM, was recognized by the American Wind Energy Association's Utility Leadership Award for PNM's role in the creation of the New Mexico Wind Energy Center. The award was presented at the National Wind Energy Conference in Austin, Texas. [6]

In 2008, PNM sold New Mexico Gas to Continental Energy, a company backed by the private equity firm Lindsay Goldberg. It was later acquired by TECO Energy. [7] It will soon become a division of Halifax, Canada-based Emera when its acquisition of TECO Energy closes by mid-2016. [8]

PNM's current leadership is as follows: [9]

On October 21, 2020, the company announced a strategic merger with Avangrid, a subsidiary of Iberdrola. [10] [11]

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References

  1. ↑ "About Us | Get to Know Your Utility Provider | PNM - pnmprod - pnm.com". pnmprod. Retrieved 2024-05-17.
  2. ↑ Oppel Jr, Richard A. (2000-04-30). "Deregulation Has Given Power to the Power People". The New York Times. ISSN   0362-4331 . Retrieved 2021-11-27.
  3. ↑ "TNMP History | TNMP" . Retrieved 2021-11-27.
  4. ↑ Taurus, Dalius (2022-07-04). "PNM Resources Stock: Avangrid Merger Is Likely To Close | Seeking Alpha". seekingalpha.com. Retrieved 2023-12-07.
  5. ↑ "PNM Resources and Avangrid agree to merger extension". Yahoo Finance. 2023-06-20. Retrieved 2023-12-07.
  6. ↑ "PNM Honored for Role in Wind Energy Project".
  7. ↑ Poole, Claire (2013-05-29). "Teco Energy pays $950M for New Mexico Gas". The Deal Pipeline. Archived from the original on 2015-02-14. Retrieved 2015-02-14.
  8. ↑ Tampa Bay Times: "Tampa Electric announces its sale to Canadian company Emera", September 4, 2015.
  9. ↑ PNM. "Officers". www.pnm.com. Retrieved 2018-04-30.
  10. ↑ "Iberdrola's Avangrid to Acquire Southwest Utility PNM". greentechmedia.com. 2020-10-21. Retrieved 2020-10-22.
  11. ↑ "Major wind power company to acquire PNM". santafenewmexican.com. 2020-10-21. Retrieved 2020-10-22.
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